S&P revises Trident TPI view to negative

S&P said it revised the outlook for Trident TPI Holdings Inc. (Tekni-Plex) to negative from stable citing the company’s very high leverage.

“We expect S&P Global Ratings adjusted debt to EBITDA in the mid-10x range in fiscal 2020, improving slightly to 10x in fiscal 2021,” the agency said in a press release.

The agency affirmed the B- ratings on Trident and its $900 million first-lien term loans and the CCC+ rating on the company's senior unsecured notes. The respective 3 and 5 recovery ratings remain unchanged, indicating expectations of 50%-70% and 10%-30% recovery in the event of a payment default.

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